Central Bank’s Executive Officers call on political parties to resolve economic crisis

Wednesday, 11 May 2022 00:28 - - {{hitsCtrl.values.hits}}

Claim recommendations of the professionals at the Central Bank were consistently ignored
Insist on procedures for appointing heads of independent public institutions should be ‘depoliticised’
Call on enacting the proposed ‘Central Bank Act’ (Draft)
Condemn despicable attacks by mobs, incited and directed by certain politicians on peaceful protests
Opine violation may adversely affect international cooperation

The Central Bank Executive Officers' Union (CBEOU), yesterday called on all political parties and groups to make an active and genuine contribution to resolve the current economic crisis, as attaining economic stability would be impossible without having political and social stability.

“The Parliament has a greater responsibility, including restoring political stability and enacting legislation to implement required reforms,” they said, issuing a statement yesterday.

Claiming that after consistently ignoring the recommendations of the professionals at the Central Bank, they expressed appreciation for responsible parties who have taken the initial step to enter into a program with the International Monetary Fund (IMF).

“We firmly emphasise the importance of formulating and implementing medium and long-term economic and structural reforms to address the current acute economic crisis and to reduce the risk of recurrence,” they said.

Further, they pointed out that endorsement of effective measures, as soon as possible such as working with the IMF and the World Bank, entering into bilateral or multilateral agreements with allied countries is quintessential.

They also insisted that procedures for appointing the heads of independent public institutions should essentially be ‘depoliticised’, including the Central Bank Governor and members of the Monetary Board, must be properly in place as well as the enactment of the proposed 'Central Bank Act' (Draft).

Representing the executive officers of CBSL exclusively, the union extended its technical assistance in taking all the progressive measures to strengthen the entire financial system and the already weakened economy.

However, they said engaging in activities that violate the freedom of the peaceful assembly, freedom of expression, etc. and enforcing repressive laws that encourage such violations may adversely affect international cooperation.

“Our union vehemently condemns with contempt, the despicable attack by mobs, incited and directed by certain politicians, on peaceful protests that have been continuing for more than a month, aimed at untimely implementation of policy measures, intense pressure on the lives of the general public and forcing the Government to make positive measures. We also emphasise the importance of conducting an independent investigation to identify the perpetrators of these attacks and bringing them before the court of law without delay,” they added.